Louis Aguilar / The Detroit News
The housing and condominium market in southeastern Michigan remained chaotic in June as the number of foreclosure sales doubled from a year ago, according to data provided by Farmington Hills-based RealComp II Ltd., the state’s largest real estate Multiple Listing Service provider.
The number of foreclosure sales rose to 3,593 in the six-county area included in the Realcomp data. Foreclosure sales in Oakland County went from 780 last month compared to 405 last June. The entire region saw significant sales in foreclosures. The median sales price also dropped in the region to $56,000, compared to $103,000 last June.
But the backlogged inventory of unsold homes and condos continues to plummet, dropping by 27.1 percent for the entire region. Further, Genesee and Livingston counties saw slight increase in non-foreclosed sales. And Oakland, Macomb and Lapeer counties experienced only slight decreases in the sale of non-foreclosure homes and condos.
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Tags: Detroit, Housing Market Conditions, Real Estate Investment